Mumbai: Adani Power Ltd, part of billionaire Gautam Adani’s group of companies, on Friday said that its power plant in Jharkhand has begun commercial operations. The facility is part of the 2×800 MW ultra-supercritical power project of Adani Power (Jharkhand) Ltd (APJL), according to an exchange filing.
APJL, a wholly-owned subsidiary of Adani Power, has a 25-year power purchase agreement (PPA) to supply power for a net capacity of 748 MW from the said unit to the Bangladesh Power Development Board.Â
APJL has initiated the processing of claims under the PPA as of 6 April 2023.
Meanwhile, the second unit of the 800 MW is in its final stages of completion and is expected to be commissioned soon, the company said.
Adani Power’s consolidated net profit fell 96% year-on-year to ₹8.7 crore for the quarter ended 31 December 2022 (Q3FY23, while consolidated revenue from operations rose 44.8% on year to ₹7,764.4 crore during the quarter.
Consolidated operating profit or EBITDA (earnings before interest, taxes, depreciation, and amortization) dropped 17% to ₹1,469.7 crore.
On Thursday, shares of Adani Power closed 1.1% higher at ₹192.20 apiece on the National Stock Exchange. Financial markets in India were shut on Friday for a public holiday.
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